Dubai—Abu Dhabi National Oil Co. said Murban crude available for export between April 2021 and March 2022 remains unchanged from February as the national oil producer gears up to launch futures based on its flagship grade on a new UAE-based exchange on March 29.
In its second report published on March 28, ADNOC said it would have 1.034 million b/d of Murban available for export in April, with volumes falling to 1.001 million b/d in May, figures that remain unchanged from its first report published February. For June, the first delivery month for the new futures contract, the volume rises to 1.040 million b/d and then 1.070 million b/d in July and August. No explanation was given for the planned increase.ADNOC and the Intercontinental Exchange are launching a new UAE-based exchange called ICE Futures Abu Dhabi on March 29 on which the Murban futures contract and 18 cash-settled derivatives and inter-commodity spreads will trade.
ICE named 24 financial institutions as exchange members allowed to directly trade Murban crude futures and related derivatives, it said March 25.
Murban is ADNOC's largest crude by volume, with a production capacity of about 2 million b/d of the company's total capacity of around 4 million b/d. It is produced from 2,000 onshore wells, and ADNOC describes the grade as light and sweet.
OSPsThe official selling prices for Murban exports will be based on the futures contract settlement, which will go to delivery for two months ahead, once launched.
OSPs for ADNOC's Upper Zakum, Das and Umm Lulu grades will be priced at a differential to Murban.
Murban will be the second physically delivered futures contract to trade on a regional exchange after the Dubai Mercantile Exchange's Oman crude futures.
It is also a deliverable grade in the S&P Global Platts benchmark Dubai and Oman crude assessments. ADNOC has been pricing its crudes based on Platts Dubai.
IFAD is being launched with nine partner companies that include BP, GS Caltex of South Korea, Japanese companies Inpex and ENEOS, PetroChina, Thailand's PTT, Shell, Total and Vitol.
